360 One WAM Limited (NSE: 360ONE | BSE: 542772)
Source: 360 ONE WAM Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | 360 ONE WAM LIMITED |
| Corporate Identity Number (CIN) | L74140MH2008PLC177884 |
| ISIN | INE466L01038 |
| NSE Symbol | 360ONE |
| BSE Scrip Code | 542772 |
| Date of Incorporation | January 17, 2008 |
| Founders / Key Founding Figures | Karan Bhagat (Founder, MD and CEO) and Yatin Shah (Co-founder, Non-Executive Director) |
| Registered Office & Corporate Headquarters | 360 ONE Centre, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
| Telephone & Investor Contact | Tel: (+91-22) 4876 5100 / (+91-22) 4876 5600 | Email: secretarial@360.one / sustainability@360.one |
| Chairman | Akhil Gupta (Chairperson and Independent Director) |
| Managing Director & CEO | Karan Bhagat |
| Chief Financial Officer (CFO) | Sanjay Wadhwa |
| Company Secretary & Compliance Officer | Rohit Bhase |
| Promoter Group Entities | Karan Bhagat, Yatin Shah, Associated Family Trusts and Persons Acting in Concert |
| Industry / Sector Classification | Financial and Insurance Services (Financial Advisory, Wealth Management & Asset Management) |
| Total Workforce (Permanent Employees) | 1,780 domestic employees (1,268 Male, 512 Female) as of March 31, 2026; Group total 1,700+ |
| Operating Office Footprint | 35 Domestic Offices across 16 States; 4 International Offices across 4 Countries |
| Statutory Auditors | S. R. Batliboi & Co. LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
360 ONE WAM LIMITED is one of India’s largest wealth and alternate asset management institutions, serving ultra-high-net-worth individuals (UHNWIs), high-net-worth individuals (HNIs), family offices, corporate treasuries, and institutional investors. As of March 31, 2026, the firm oversaw a total Asset Under Management (AUM) footprint of ₹6,74,492 Crores (surpassing $74 Billion), providing bespoke fiduciary advice and multi-asset execution to more than 8,500 discerning client families and institutions across the globe.
The firm operates on an open-architecture, unconflicted advisory model designed to separate client alignment from manufacturing bias. Rather than functioning as a standard financial intermediary or product distributor, 360 ONE integrates wealth advisory, discretionary portfolio management services (PMS), alternative investment funds (AIFs), mutual funds, structured credit, estate and succession planning, corporate treasury advisory, and institutional equities into a unified corporate structure. The corporate identity “360 ONE” reflects this focus, where the numeral “ONE” represents the client whose personal and generational balance sheet stands at the absolute center of every capital allocation decision.
- Total Assets Under Management (AUM): ₹6,74,492 Crores as of March 31, 2026, representing a year-on-year expansion of 16.0% from ₹5,81,498 Crores.
- Annual Recurring Revenue (ARR) AUM: ₹3,11,940 Crores, demonstrating a 26.4% year-on-year increase and accounting for 46.25% of total aggregate client assets.
- Consolidated Profit After Tax (PAT): Record net earnings of ₹1,225 Crores in FY26, up 20.7% compared to ₹1,015 Crores delivered during the preceding fiscal year.
- Total Annual Organic Net Inflows: Strong organic net capital mobilization of ₹35,199 Crores, an increase of 36% over FY25, bringing total ARR net flows for the year to ₹55,875 Crores.
The Founders, Promoters & Their Legacy
The institutional foundation of 360 ONE was established in 2008 by Karan Bhagat and Yatin Shah amidst the disruptions of the global financial crisis. Recognising that the Indian financial landscape was oversaturated with commission-incentivized product sales that compromised investor trust, the founding team architected a business based on unconflicted, fee-based fiduciary advisory and rigorous capital preservation.
Karan Bhagat serves as the Managing Director and Chief Executive Officer, steering overall business strategy, corporate expansion, technology integration, and organizational culture. Yatin Shah serves as Non-Executive Director and Co-founder, heading client acquisition across first-generation entrepreneurs, prominent family enterprises, and institutional accounts across more than 50 Tier I and Tier II industrial corridors in India. Over eighteen years of continuous operation, the promoters transformed what was originally IIFL Wealth into a standalone listed franchise backed by marquee global private equity sponsors, maintaining strong personal shareholdings and direct fiduciary accountability.
The Journey: History & Evolution
The corporate history of 360 ONE traces eighteen years of disciplined organic execution and selective, integration-focused acquisitions. Each corporate action was deployed to solve a distinct platform gap, evolving the franchise from a boutique advisory practice to an integrated multi-engine institution.
- 2008: 360 ONE Wealth (originally incorporated as IIFL Wealth Management Limited) was established in Mumbai with an advisory-led wealth structuring charter.
- 2011: Acquired Finest Wealth Managers, Pune, accelerating regional expansion across Maharashtra’s industrial belts.
- 2012: Client Assets Under Management reached the foundational milestone of ₹25,000 Crores.
- 2015: General Atlantic acquired an equity stake of approximately 22%, validating the firm’s independent wealth advisory model.
- 2016: Launched dedicated non-banking financial company (NBFC) lending operations under 360 ONE Prime Limited, originating structured credit against client securities.
- 2017: Distribution and Advisory AUM crossed ₹1,00,000 Crores (₹1 Lakh Crore).
- 2018: Acquired Wealth Advisors India and Altiore Advisors, expanding advisory density across South India and corporate treasury relationships.
- 2019: Successfully listed equity shares on the National Stock Exchange of India Limited (NSE) and BSE Limited following a composite corporate demerger.
- 2020: Acquired L&T Capital Markets, integrating an institutional client franchise and scaling the national distribution footprint.
- 2021: Asset Management Company (AMC) AUM crossed ₹50,000 Crores, anchored by Category II and Category III Alternative Investment Funds.
- 2022: Global private equity major Bain Capital acquired an approximate 25% equity interest in the enterprise, solidifying institutional sponsorship.
- 2024: Total client AUM crossed ₹5,00,000 Crores; entered mass-affluent digital advisory through the acquisition of ET Money (Moneygoals Solutions Limited and Banayantree Services Limited).
- 2025: Rebranded Batlivala & Karani Securities India Private Limited into 360 ONE Capital to anchor institutional equity research and investment banking; entered an exclusive global wealth collaboration framework with Swiss banking major UBS AG.
- 2026: Total client assets scaled to ₹6,74,492 Crores ($74+ Billion) with historic consolidated revenues of ₹3,144 Crores and record net profits of ₹1,225 Crores.
The Corporate Umbrella
360 ONE WAM LIMITED functions as the overarching holding company and principal operating entity, directing a network of wholly owned domestic operating subsidiaries, specialized trusts, and international offices across major offshore financial jurisdictions. The corporate umbrella is structured to maintain strict regulatory segregation between advisory, asset manufacturing, NBFC credit underwriting, broking, and trustee operations, as mandated by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).
The domestic architecture encompasses 360 ONE Distribution Services Limited (distribution and broking), 360 ONE Portfolio Managers Limited (advisory and discretionary portfolio management), 360 ONE Prime Limited (systemically important non-deposit-taking NBFC), 360 ONE Asset Management Limited (mutual funds and public equity), 360 ONE Alternates Asset Management Limited (private equity, venture capital, private credit, and real assets), 360 ONE Capital Market Private Limited (institutional broking and research), Moneygoals Solutions Limited (digital wealth platform), and 360 ONE Foundation (Section 8 CSR implementation agency). International capital flows and offshore investor accounts are managed through corporate subsidiaries in Singapore, Dubai (DIFC), GIFT City (IFSC), Mauritius, Canada, and the United States.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
The operational engine of 360 ONE is segmented into two primary reporting divisions under Ind AS 108: Wealth Management and Asset Management. The Wealth Management division serves client balance sheets directly through open-architecture advisory, product distribution, portfolio management, secured lending, broking, capital markets, and corporate treasury solutions. The Asset Management division manufactures investment vehicles across public equities, alternative investment funds (AIFs), private credit, infrastructure, real estate, and renewables.
| Reportable Business Segment | Segment Gross Revenue (₹ in Crores) | Segment Net Operating Revenue (₹ in Crores) | Segment Results / PBT (₹ in Crores) | Segment Assets (₹ in Crores) | Segment Liabilities (₹ in Crores) |
|---|---|---|---|---|---|
| Wealth Management | 3,458.38 | 2,284.00 | 1,038.74 | 24,380.66 | 16,235.71 |
| Asset Management | 1,016.35 | 781.00 | 535.61 | 2,454.19 | 877.43 |
| Unallocated / Corporate | 2.53 | 1.00 | 2.53 | 366.50 | 252.66 |
| Total Consolidated Operations | 4,477.26 | 3,066.00 | 1,576.88 | 27,201.35 | 17,365.80 |
Operational data across the reporting period reveals substantial operating leverage across both business lines:
- Wealth Management Segment: Net operating revenue expanded 23.8% to ₹2,284 Crores in FY26 compared to ₹1,845 Crores in FY25, yielding an Operating Profit Before Tax of ₹1,045 Crores and total segment PBT of ₹1,038.74 Crores.
- Asset Management Segment: Net operating revenue climbed 30.2% from ₹600 Crores to ₹781 Crores, driving segment PBT up 17.5% to ₹535.61 Crores against ₹455.88 Crores in the previous fiscal year.
- Balance Sheet Allocation: The Wealth Management division commands ₹24,380.66 Crores (89.63%) of total corporate assets, driven primarily by the ₹11,126.34 Crore loan book operated by NBFC subsidiary 360 ONE Prime Limited.
- Asset Management Efficiency: Demonstrates high return on capital, generating ₹535.61 Crores in pre-tax profits on a contained asset base of ₹2,454.19 Crores.
The Product & Service Catalog
The enterprise provides an extensive suite of regulated financial services tailored across the wealth continuum, from mass-affluent retail savers to multi-billion-rupee institutional treasuries:
- 360 ONE Wealth Open: Bespoke non-discretionary and discretionary advisory mandates providing institutional portfolio analytics, unbundled fee billing, and full fee transparency. Open AUM stood at ₹85,039 Crores as of March 31, 2026.
- Distribution & Open Architecture: Third-party mutual funds, alternative investment funds, structured notes, offshore allocations via the Liberalised Remittance Scheme (LRS), and fixed income. Distribution trail-earning assets reached ₹1,19,666 Crores.
- Lending & Credit Solutions: Operated through 360 ONE Prime Limited, delivering secured loan against shares (LAS), loan against mutual funds (LAMF), and structured promoter credit, closing FY26 with a loan book of ₹12,028 Crores (loan assets on balance sheet at ₹11,126.34 Crores).
- Corporate Treasury & Family Office Advisory: Balance sheet cash management, institutional yield enhancement, liquidity hedging, succession structuring, private family trusts, and intergenerational estate governance.
- Public Equities & Specialized Investment Funds (SIFs): Mutual fund strategies (Focused Fund, Quant Fund, Flexicap Fund, Multi Asset Allocation Fund), Discretionary PMS (Phoenix Portfolio, Multicap PMS managing ₹30,184 Crores), and long-short strategies launched under the newly enacted SEBI SIF framework (DynaSIF Equity, DynaSIF Active Asset Allocator, and DynaSIF Ex-top 100). Total listed equity AUM reached ₹46,115 Crores.
- Private Markets & Alternates: Category II and Category III AIF strategies managing ₹49,092 Crores across early-stage venture capital, consumer private equity, late-stage growth (“Idea to IPO”), structured private credit (Fund V closing at ~₹3,500 Crores), commercial Grade A real estate, road infrastructure, and utility-scale solar renewables (Quark Solar).
- Capital Markets & Institutional Equities: Institutional research coverage of 500+ listed companies, equity brokerage, block placement, and investment banking underwriting for Initial Public Offerings (IPOs) and Qualified Institutional Placements (QIPs) through 360 ONE Capital.
The Names You Know
360 ONE operates distinct branded franchises tailored to client tiers and capital requirements:
- 360 ONE Wealth: The flagship brand commanding fiduciary trust among 3,777 UHNI client families maintaining individual account relationships exceeding ₹10 Crores in AUM (representing 96% of Wealth AUM).
- The Reserve: A phygital wealth proposition designed specifically for the emerging HNI bracket (clients with financial assets between ₹10 Crores and ₹50 Crores). The Reserve grew to ₹4,000 Crores in AUM across 650+ clients and 12 strategic geographic locations within twelve months of operational launch.
- ET Money: Maintained under the banner “ET Money, powered by 360 ONE,” serving India’s tech-savvy mass-affluent wealth builders. The platform reduced operating losses by more than 50% in FY26 while integrating curated PMS, mutual fund advisory, and credit-against-investments.
- 360 ONE Capital: Rebranded from Batlivala & Karani (B&K) Securities, bringing a 150-year legacy in institutional brokerage, equity research, and capital market advisory.
- 360 ONE Asset: The overarching institutional manufacturing brand managing ₹95,206 Crores across mutual funds, portfolio management mandates, and alternative investment funds.
Mapping the Domestic & Global Reach
The geographic distribution of 360 ONE’s business activities reflects a diversified domestic core complemented by strategic international outposts that direct foreign institutional capital into Indian financial markets and facilitate outward diversification for domestic wealth creators.
| Geographic Market | Revenue Contribution (%) [Standalone] | Revenue Contribution (%) [Consolidated] | Operating Footprint & Physical Infrastructure |
|---|---|---|---|
| India (Domestic Operations) | 92.51% | 96.74% | 35 Registered Operating Offices spanning 16 States and Union Territories |
| International / Rest of World | 7.49% | 3.26% | 4 International Offices across Singapore, DIFC (Dubai), Canada, and the United States |
| Total Geographic Turnover | 100.00% | 100.00% | 39 Global Operating Locations |
Key highlights of the company’s international connectivity include:
- UBS Strategic Collaboration: Exclusive global collaboration framework executed in November 2025, enabling 360 ONE clients direct access to UBS global wealth solutions through GIFT City and LRS routes, while opening UBS offshore distribution channels to 360 ONE alternate funds.
- GIFT City (IFSC) Expansion: Operationalized regulated fund management and brokerage entities in Gandhinagar, serving as the cross-border bridge for non-resident Indian (NRI) capital and foreign portfolio investors (FPIs).
The Brick & Mortar Footprint
The domestic network of 360 ONE encompasses 35 office hubs strategically positioned across 28 key wealth hubs in India: Mumbai, Ahmedabad, Amritsar, Bengaluru, Bhopal, Chandigarh, Chennai, Coimbatore, Gandhinagar (GIFT City), Goa, Gurugram, Hyderabad, Indore, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, Ludhiana, Nagpur, New Delhi, Pune, Rajkot, Surat, Vadodara, Varanasi, Vijayawada, and Visakhapatnam. International operations maintain licensed presences in Toronto (Canada), Dubai (United Arab Emirates), Singapore, and New York (United States).
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 | Latest YoY (%) |
|---|---|---|---|---|
| Total Net Revenue | 3,144.00 | 2,652.00 | 1,965.00 | +18.55% |
| Annual Recurring Revenue (ARR) | 2,289.00 | 1,701.00 | 1,327.00 | +34.57% |
| Profit After Tax (PAT) | 1,225.00 | 1,015.00 | 802.00 | +20.69% |
| Total Assets Under Management (AUM) | 6,74,492.00 | 5,81,498.00 | 5,00,000+ | +15.99% |
| ARR Assets Under Management (ARR AUM) | 3,11,940.00 | 2,46,828.00 | – | +26.38% |
| Tangible Return on Equity (RoE %)* | 19.3% | 24.3% | 24.7% | – |
| Cost to Income Ratio (%) | 49.9% | 45.9% | 46.0% | – |
| Total Permanent Employees | 1,780 | 1,441 | 1,227 | +23.53% |
*Note: Tangible Return on Equity excludes Goodwill and Intangible assets.
Earnings, Expenses, & Take-Home Profits
The Consolidated Statement of Profit and Loss illustrates a firm experiencing robust expansion in operating income, driven by compounding recurring asset fees and active capital market transactions, alongside investments in strategic integrations and workforce expansion.
| Particulars | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| 1. Revenue from Operations | |||
| (a) Interest income | 1,290.91 | 1,063.89 | +21.34% |
| (b) Dividend Income | 8.84 | 0.11 | +7936.36% |
| (c) Fees and commission income | 2,102.99 | 1,805.21 | +16.50% |
| (d) Net gain on fair value changes | 958.88 | 501.50 | +91.20% |
| Total Revenue from Operations | 4,361.62 | 3,370.71 | +29.40% |
| 2. Other Income | 115.64 | 313.79 | -63.15% |
| 3. Total Income (1 + 2) | 4,477.26 | 3,684.50 | +21.52% |
| 4. Expenses | |||
| (a) Finance costs | 1,090.24 | 887.02 | +22.91% |
| (b) Fees and commission expenses | 87.14 | 86.87 | +0.31% |
| (c) Impairment on financial instruments | 7.58 | 11.04 | -31.34% |
| (d) Employee benefits expenses | 1,132.56 | 884.44 | +28.05% |
| (e) Depreciation and amortisation | 155.22 | 70.53 | +120.08% |
| (f) Other expenses | 427.64 | 310.15 | +37.88% |
| Total Expenses | 2,900.38 | 2,250.05 | +28.90% |
| 5. Profit Before Exceptional Items and Tax (3 – 4) | 1,576.88 | 1,434.45 | +9.93% |
| 6. Exceptional Items | – | 87.63 | – |
| 7. Profit Before Tax (5 – 6) | 1,576.88 | 1,346.82 | +17.08% |
| 8. Tax Expense | |||
| (a) Current tax | 356.36 | 311.98 | +14.23% |
| (b) Deferred tax | 4.35 | 19.54 | -77.74% |
| Total Tax Expense | 360.71 | 331.52 | +8.80% |
| 9. Profit for the Year (7 – 8) | 1,216.17 | 1,015.30 | +19.78% |
| 10. Other Comprehensive Income / (Loss) | |||
| (a) Items that will not be reclassified to profit or loss (Net of Tax) | 2.66 | (2.36) | N/M |
| (b) Items that will be reclassified to profit or loss: Foreign Currency Translation Reserve | 6.38 | 2.44 | +161.48% |
| Other Comprehensive Income (Net of Tax) | 9.04 | 0.08 | +11200.00% |
| 11. Total Comprehensive Income for the Year (9 + 10) | 1,225.21 | 1,015.38 | +20.67% |
| 12. Earnings Per Equity Share (Face Value ₹1/- each) | |||
| Basic Earnings Per Share (₹) [After Exceptional Items] | 30.16 | 27.14 | +11.13% |
| Diluted Earnings Per Share (₹) [After Exceptional Items] | 29.19 | 26.08 | +11.92% |
| Basic Earnings Per Share (₹) [Before Exceptional Items] | 30.16 | 29.49 | +2.27% |
| Diluted Earnings Per Share (₹) [Before Exceptional Items] | 29.19 | 28.33 | +3.04% |
Gross consolidated revenue climbed 21.5% from ₹3,684.50 Crores to ₹4,477.26 Crores. Net operating revenue from operations (excluding other income and direct execution costs) reached ₹3,066 Crores, driven by a 34.5% surge in Annual Recurring Revenue to ₹2,289 Crores. ARR fees now represent 75% of total net operating revenue, up from 53% four fiscal years prior. This transformation shields operating margins against cyclical equity market swings.
Operating expenditure expanded 28.9% to ₹2,900.38 Crores, primarily reflecting the integration of 360 ONE Capital (B&K Securities) and ET Money, which increased the permanent workforce to 1,780 personnel and brought employee benefit expenses to ₹1,132.56 Crores. Operating Profit Before Tax rose 22.0% to ₹1,498 Crores, while consolidated Profit After Tax (including comprehensive income items) reached ₹1,225.21 Crores, delivering a diluted EPS of ₹29.19.
Assets, Borrowings, & Net Worth
The Consolidated Balance Sheet reflects a liquid balance sheet structured to comply with Division III of Schedule III under the Companies Act, 2013, for non-banking financial intermediaries.
| Particulars | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| 1. Financial Assets | |||
| (a) Cash and cash equivalents | 569.24 | 740.19 | -23.10% |
| (b) Bank balance other than cash and cash equivalents | 912.35 | 351.39 | +159.64% |
| (c) Derivative financial instruments | – | 1.00 | – |
| (d) Receivables: (I) Trade receivables | 503.56 | 443.06 | +13.66% |
| (d) Receivables: (II) Other receivables | 314.09 | 99.14 | +216.81% |
| (e) Loans | 11,126.34 | 8,411.03 | +32.28% |
| (f) Investments | 8,842.44 | 7,608.12 | +16.22% |
| (g) Other financial assets | 445.73 | 329.88 | +35.12% |
| Subtotal: Financial Assets | 22,713.75 | 17,983.81 | +26.30% |
| 2. Non-Financial Assets | |||
| (a) Current tax assets (net) | 364.52 | 273.50 | +33.28% |
| (b) Deferred tax assets (net) | 1.98 | 0.47 | +321.28% |
| (c) Property, plant and equipment | 363.06 | 290.18 | +25.12% |
| (d) Intangible assets under development | – | 88.22 | – |
| (e) Goodwill | 2,498.09 | 667.93 | +274.00% |
| (f) Other intangible assets | 615.42 | 263.41 | +133.64% |
| (g) Right of use assets | 492.88 | 59.83 | +723.80% |
| (h) Other non-financial assets | 151.65 | 141.35 | +7.29% |
| Subtotal: Non-Financial Assets | 4,487.60 | 1,784.89 | +151.42% |
| Total Assets | 27,201.35 | 19,768.70 | +37.60% |
| Total Current Assets (Settlement within 12 months)* | 11,496.10 | 11,257.14 | +2.12% |
| LIABILITIES AND EQUITY | |||
| 1. Financial Liabilities | |||
| (a) Derivative financial instruments | 47.69 | 148.13 | -67.81% |
| (b) Payables: (I) Trade payables – Creditors other than Micro and Small Enterprises | 250.63 | 202.63 | +23.69% |
| (b) Payables: (II) Other payables – Creditors other than Micro and Small Enterprises | 753.16 | 412.51 | +82.58% |
| (c) Lease liabilities | 479.36 | 65.46 | +632.29% |
| (d) Debt securities | 12,962.37 | 7,909.78 | +63.88% |
| (e) Borrowings (other than debt securities) | 2,357.90 | 3,050.29 | -22.70% |
| (f) Subordinated liabilities | 131.68 | 134.67 | -2.22% |
| (g) Other financial liabilities | 24.01 | 531.74 | -95.48% |
| Subtotal: Financial Liabilities | 17,006.80 | 12,455.21 | +36.54% |
| 2. Non-Financial Liabilities | |||
| (a) Current tax liabilities (net) | 55.19 | 67.67 | -18.44% |
| (b) Provisions | 25.22 | 27.57 | -8.52% |
| (c) Deferred tax liabilities (net) | 197.46 | 87.91 | +124.62% |
| (d) Other non-financial liabilities | 81.13 | 65.22 | +24.39% |
| Subtotal: Non-Financial Liabilities | 359.00 | 248.37 | +44.54% |
| Total Liabilities | 17,365.80 | 12,703.58 | +36.70% |
| Total Current Liabilities (Settlement within 12 months)* | 9,598.27 | 9,330.20 | +2.87% |
| 3. Equity | |||
| (a) Equity share capital | 40.61 | 39.31 | +3.31% |
| (b) Other equity | 9,794.94 | 7,025.81 | +39.41% |
| Total Equity (Net Worth) | 9,835.55 | 7,065.12 | +39.21% |
| Total Liabilities and Equity | 27,201.35 | 19,768.70 | +37.60% |
*Note: Liquidity breakdown between current (within 12 months) and non-current (after 12 months) is compiled from Note 47 of the Consolidated Financial Statements.
Total assets expanded by 37.6% to reach ₹27,201.35 Crores as of March 31, 2026. Financial assets represent 83.5% of total resources, led by the secured lending book of ₹11,126.34 Crores and liquid proprietary treasury investments of ₹8,842.44 Crores. Goodwill on business acquisitions climbed to ₹2,498.09 Crores, primarily reflecting the acquisition and operational consolidation of 360 ONE Capital Market Private Limited (₹1,523.12 Crores goodwill) and Credit Suisse Securities (India) Private Limited’s wealth portfolio (₹277.72 Crores goodwill).
The borrowing architecture is structured around debt securities (₹12,962.37 Crores), term loans and bank credit lines (₹2,357.90 Crores), and subordinated Tier-II liabilities (₹131.68 Crores), dedicated to funding secured collateralised client loans. Total equity (Net Worth) expanded 39.2% to ₹9,835.55 Crores, bolstered by retained profits, equity issuance for acquisitions, and ₹625.84 Crores in upfront warrant consideration received from Swiss banking partner UBS AG and promoter affiliates.
Cash Flow: Tracking the Money Movement
The Consolidated Cash Flow Statement illustrates the capital dynamics inherent to a compounding wealth manager and specialized balance-sheet lending franchise.
| Particulars | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| A. Cash Flows from Operating Activities | |||
| Profit before tax (after exceptional items) | 1,576.88 | 1,346.82 | +17.08% |
| Operating profit before working capital changes | 825.80 | 600.98 | +37.41% |
| Changes in working capital | (609.15) | (796.29) | -23.50% |
| Cash generated from / (used in) operations | 216.65 | (195.31) | N/M |
| Increase in loans (net disbursed) | (2,646.94) | (1,961.33) | +34.96% |
| Cash used in operating activities | (2,430.29) | (2,156.64) | +12.69% |
| Net income tax paid | (490.76) | (305.53) | +60.63% |
| Net Cash Used in Operating Activities (A) | (2,921.06) | (2,462.17) | +18.64% |
| B. Cash Flows from Investing Activities | |||
| Payments for purchase of investments | (8,342.39) | (7,146.30) | +16.74% |
| Proceeds from sale of investments | 8,115.02 | 6,407.36 | +26.65% |
| Acquisition of subsidiary and business (net of cash) | (1,032.70) | (82.11) | +1157.70% |
| Fixed deposits placed (net) | (325.05) | (152.75) | +112.80% |
| Purchase of Property, Plant and Equipment (CapEx / CWIP) | (97.68) | (55.24) | +76.83% |
| Sale proceeds from Property, Plant and Equipment | 2.17 | 8.14 | -73.34% |
| Interest income received | 58.32 | 28.82 | +102.36% |
| Dividend income received | 9.04 | 0.11 | +8118.18% |
| Net Cash Used in Investing Activities (B) | (1,613.27) | (991.97) | +62.63% |
| C. Cash Flows from Financing Activities | |||
| Proceeds from issue of shares (including securities premium) | 89.95 | 2,472.48 | -96.36% |
| Money received against share warrants | 625.84 | – | – |
| Share issue expenses | – | (37.42) | – |
| Dividends paid to equity shareholders | (479.20) | (216.69) | +121.15% |
| Net proceeds from short-term borrowings | 2,883.30 | 1,589.00 | +81.45% |
| Proceeds from long-term borrowings | 5,501.80 | 2,026.48 | +171.50% |
| Repayments of long-term borrowings | (4,011.86) | (1,949.90) | +105.75% |
| Payment of lease liabilities | (67.46) | (24.32) | +177.38% |
| Interest expenses paid on financing | (185.37) | (110.48) | +67.79% |
| Net Cash Generated from Financing Activities (C) | 4,357.00 | 3,749.15 | +16.21% |
| Effect of exchange rate translation on foreign currency cash (D) | 6.38 | 2.44 | +161.48% |
| Net (Decrease) / Increase in Cash and Cash Equivalents (A + B + C + D) | (170.95) | 297.45 | N/M |
| Cash and Cash Equivalents at Beginning of the Year | 740.19 | 442.74 | +67.18% |
| Cash and Cash Equivalents at End of the Year | 569.24 | 740.19 | -23.10% |
Operating cash flows reflect a net outflow of ₹2,921.06 Crores, resulting from statutory Ind AS presentation rules for lending entities where net disbursements of client loans (₹2,646.94 Crores) are classified as operational cash outflows. Operating profit before working capital expanded 37.4% to ₹825.80 Crores. Net cash deployed in investing activities reached ₹1,613.27 Crores, driven by ₹1,032.70 Crores deployed in business acquisitions (360 ONE Capital and Credit Suisse wealth business) alongside ₹97.68 Crores in property, plant, equipment, and digital software capital expenditure. Financing cash inflows of ₹4,357.00 Crores funded loan book growth through long-term market borrowings, commercial paper issuances, and warrant capital infusions, while supporting ₹479.20 Crores in equity dividends.
Funding the Future: CapEx, CWIP & R&D Spending
The enterprise allocated ₹97.68 Crores in gross capital expenditure towards property, plant, equipment, and technology infrastructure during FY26, up from ₹55.24 Crores in FY25. The additions focused on expanding physical client meeting suites across emerging wealth locations and scaling proprietary digital platforms.
Capital Work-in-Progress (CWIP) and Intangible Assets Under Development were brought down to ₹Nil as of March 31, 2026, compared to ₹88.22 Crores in the preceding fiscal period. This reduction reflects the successful commercial completion and enterprise deployment of the internal mid-market wealth platform (capitalized at ₹80.60 Crores) that supports “The Reserve” and RM workbench portals. The company did not incur standalone research and development expenses under statutory definitions, focusing instead on technology infrastructure development.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
The corporate family tree comprises twenty operating subsidiaries and step-down entities spanning domestic wealth management, NBFC lending, asset management, capital markets, digital platforms, and offshore advisory hubs. The company has no associates or joint venture arrangements.
| Entity Name | Corporate Status | Country of Incorporation | Equity Ownership (%) | Total Turnover / Gross Income (₹ in Crores) | Profit / (Loss) After Tax (₹ in Crores) |
|---|---|---|---|---|---|
| 360 ONE Distribution Services Limited | Wholly Owned Subsidiary | India | 100.00% | 1,080.70 | 149.20 |
| 360 ONE Portfolio Managers Limited | Wholly Owned Subsidiary | India | 100.00% | 1,123.63 | 525.84 |
| 360 ONE Prime Limited | Wholly Owned Subsidiary (NBFC) | India | 100.00% | 1,438.38 | 316.59 |
| 360 ONE Investment Adviser and Trustee Services Limited | Wholly Owned Subsidiary | India | 100.00% | 29.23 | 13.78 |
| 360 ONE Asset Management Limited | Wholly Owned Subsidiary | India | 100.00% | 380.08 | 157.06 |
| 360 ONE Alternates Asset Management Limited | Wholly Owned Subsidiary | India | 100.00% | 669.57 | 384.85 |
| 360 ONE Asset Trustee Limited | Wholly Owned Subsidiary | India | 100.00% | 0.26 | 0.07 |
| 360 ONE Global Asset Management (IFSC) Limited | Step-Down Wholly Owned Subsidiary | India (GIFT City) | 100.00% | 1.08 | (0.39) |
| 360 ONE IFSC Limited | Wholly Owned Subsidiary | India (GIFT City) | 100.00% | 1.44 | (0.85) |
| 360 ONE Capital Market Private Limited | Wholly Owned Subsidiary | India | 100.00% | 248.86 | 34.33 |
| 360 ONE Treasury Services Private Limited | Wholly Owned Subsidiary | India | 100.00% | 33.80 | 12.39 |
| Moneygoals Solutions Limited | Wholly Owned Subsidiary | India | 100.00% | 40.91 | (30.64) |
| Banayantree Services Limited | Step-Down Wholly Owned Subsidiary | India | 100.00% | 0.31 | (0.40) |
| 360 ONE Foundation | Wholly Owned Subsidiary (Section 8 CSR) | India | 100.00% | 23.51 | 0.43 |
| 360 ONE Capital Pte. Ltd. | Wholly Owned Subsidiary | Singapore | 100.00% | 10.98 | 0.35 |
| B&K Securities Pte. Ltd. | Step-Down Wholly Owned Subsidiary | Singapore | 100.00% | 21.76 | (1.23) |
| 360 ONE Private Wealth (Dubai) Limited | Wholly Owned Subsidiary | United Arab Emirates (DIFC) | 100.00% | – | (0.05) |
| 360 ONE Capital (Canada) Limited | Wholly Owned Subsidiary | Canada | 100.00% | 3.47 | 0.45 |
| 360 ONE Inc. | Wholly Owned Subsidiary | United States | 100.00% | 0.00# | 0.00# |
| 360 ONE Asset Management (Mauritius) Limited | Wholly Owned Subsidiary | Mauritius | 100.00% | 0.00# | 0.00# |
#Note: Turnover or profit figures below ₹100,000 are rounded to ₹0.00 Crores pursuant to Schedule III disclosure standards.
Strategic Investments & Treasury Holdings
The company maintains a proprietary investment book of ₹8,842.44 Crores, deployed across regulated financial instruments to support regulatory net-worth requirements, provide seed capital for internal fund strategies, and generate treasury yields:
- Alternate Investment Funds (AIFs): ₹3,223.50 Crores committed as sponsor co-investments across internal private equity, private credit, and real estate funds.
- Debt Securities: ₹3,090.85 Crores deployed in high-grade corporate bonds and debentures.
- Government Securities: ₹1,175.61 Crores held in sovereign instruments, of which ₹772.48 Crores are pledged with the Clearing Corporation of India against Collateralised Borrowing and Lending Obligations (CBLO).
- Mutual Funds: ₹609.52 Crores in highly liquid mutual fund schemes serving liquidity and treasury management functions.
- Equity Instruments: ₹520.43 Crores representing strategic unlisted equity holdings and listed equity shares.
- Infrastructure & Real Estate Trusts: ₹222.53 Crores invested across InvITs, REITs, and preference shares.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The enterprise is overseen by a nine-member Board of Directors, combining independent corporate governance professionals, private equity investor representatives, and founders. Independent directors constitute 44.4% of the Board, chairing critical committees including Audit, Risk Management, and Nomination & Remuneration.
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Akhil Gupta | Chairperson and Independent Director | 00028728 | Non-Executive, Independent |
| Karan Bhagat | Managing Director and CEO | 03247753 | Executive Director, Promoter |
| Yatin Shah | Non-Executive Director | 03231090 | Non-Executive Director, Promoter |
| Revathy Ashok | Independent Director (Audit Committee Chairperson) | 00057539 | Non-Executive, Independent |
| Pierre De Weck | Independent Director | 10771331 | Non-Executive, Independent |
| Sandeep Tandon | Independent Director (NRC Chairperson) | 00054553 | Non-Executive, Independent |
| Pavninder Singh | Nominee Director (Bain Capital) | 03048302 | Non-Executive, Nominee |
| Rishi Mandawat | Nominee Director (Bain Capital) | 07639602 | Non-Executive, Nominee |
| Saahil Murarka | Non-Executive Director | 06717827 | Non-Executive, Non-Independent |
| Sanjay Wadhwa | Chief Financial Officer (CFO) | Not Applicable | Key Managerial Personnel |
| Rohit Bhase | Company Secretary & Compliance Officer | Not Applicable | Key Managerial Personnel |
| Pankaj Fitkariwala | Chief Operating Officer (COO) | Not Applicable | Senior Management Official |
The executive and committee governance architecture functions as follows:
- Board Diversity & Independence: Four of nine directors are independent corporate leaders with extensive domestic and international banking experience (Akhil Gupta, Revathy Ashok, Pierre De Weck, and Sandeep Tandon).
- Institutional Investor Oversight: Bain Capital maintains two nominee board seats (Pavninder Singh and Rishi Mandawat) to monitor governance and strategic capital allocation.
- Governance Committees: The Audit Committee and Risk Management Committee are both chaired by Independent Director Revathy Ashok. The Nomination and Remuneration Committee is chaired by Independent Director Sandeep Tandon.
Who Owns the Stock? Shareholding Pattern
The shareholding structure of 360 ONE WAM LIMITED as of March 31, 2026, reflects institutional ownership by global private equity firms, sovereign wealth funds, and domestic asset managers alongside founder holdings.
| Shareholder Category | Number of Equity Shares Held | Percentage of Total Paid-Up Capital (%) |
|---|---|---|
| (A) Promoter and Promoter Group | ||
| Promoters and Promoter Group Entities | 2,53,28,244 | 6.24% |
| Total Promoter Holding (A) | 2,53,28,244 | 6.24% |
| (B) Public Shareholders | ||
| Foreign Direct Investments (FDI – BC Asia Investments X Limited) | 11,25,15,898 | 27.70% |
| Foreign Portfolio Investors (FPI Category I) | 14,01,59,886 | 34.51% |
| Foreign Portfolio Investors (FPI Category II) | 45,50,906 | 1.12% |
| Mutual Funds (Domestic DIIs) | 4,06,10,897 | 10.00% |
| Insurance Companies | 68,23,739 | 1.68% |
| Alternate Investment Funds | 43,52,854 | 1.07% |
| Directors and Relatives (Excl. Independent & Nominee Directors) | 50,99,982 | 1.26% |
| Resident Individuals holding nominal share capital up to ₹2 Lakhs | 1,99,33,101 | 4.91% |
| Resident Individuals holding nominal share capital in excess of ₹2 Lakhs | 2,98,39,068 | 7.35% |
| Non-Resident Indians (NRIs) | 47,84,658 | 1.18% |
| Bodies Corporate | 1,13,09,612 | 2.78% |
| Hindu Undivided Families (HUFs) | 2,85,834 | 0.07% |
| Bodies Corporate and Limited Liability Partnerships | 2,53,313 | 0.06% |
| Clearing Members | 1,60,321 | 0.04% |
| Relatives of Promoters (Other than immediate relatives) | 1,00,191 | 0.03% |
| Investor Education and Protection Fund (IEPF) | 14,676 | 0.00% |
| NBFCs registered with RBI | 6,669 | 0.00% |
| Trusts | 5,864 | 0.00% |
| Key Managerial Personnel (Sanjay Wadhwa) | 2,725 | 0.00% |
| Total Public Shareholding (B) | 38,08,10,194 | 93.76% |
| Total Equity Base (A + B) | 40,61,38,438 | 100.00% |
Institutional shareholding data reveals significant concentrated ownership among leading global allocators:
- Top Institutional Holder: BC Asia Investments X Limited (Bain Capital) holds 7,36,20,000 equity shares, representing 18.13% of the total paid-up share capital.
- Global Fund Houses: Smallcap World Fund, Inc holds 7.00% (2,84,44,417 shares), Capital Income Builder holds 3.92% (1,59,24,634 shares), and Government Pension Fund Global holds 2.40% (97,57,774 shares).
- Founder Holdings: Co-founder Yatin Shah holds 96,99,820 shares (2.39%), while family trusts and promoter associates comprise the remainder of the 6.24% promoter base.
- Promoter Reclassification: On May 5, 2025, former co-promoters Nirmal Jain, Venkataraman Rajamani, and associated family trusts were formally reclassified from the ‘Promoter & Promoter Group’ category to ‘Public Shareholders’ following shareholder postal ballot approval.
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
360 ONE has developed structural barriers to entry across the Indian wealth and alternate asset management sectors, insulating client retention and operating economics from cyclical volatility:
- High Switching Costs & Multi-Generational Trust: Managing ₹6,74,492 Crores across 8,500+ client families, the firm commands relationship tenure where more than 64% of team members have been with the institution for eight or more years. Approximately 82% of Wealth AUM is managed by team leaders with over five years of firm vintage.
- Integrated Financial Flywheel: Operating an interconnected architecture spanning Wealth Management, Asset Manufacturing (SIF, AIF, Mutual Funds), Secured Lending (NBFC), and Institutional Capital Markets (360 ONE Capital), allowing the firm to capture fee opportunities across the full lifecycle of a business and family balance sheet.
- Leadership in Alternatives: Managing ₹49,092 Crores in alternate asset strategies across private credit, venture debt, pre-IPO private equity, real estate, and renewables, establishing market depth that is challenging for commercial banks or digital-only brokerages to replicate.
- Strategic Global Connectivity: Exclusive collaboration with UBS AG, providing a two-way institutional expressway connecting international institutional capital to Indian investment strategies, while facilitating global asset allocation for domestic wealth holders via GIFT City.
- Credit Quality Discipline: The NBFC lending operations under 360 ONE Prime Limited completed a decade of operation with zero non-performing assets (0% NPA) across an entire credit cycle, backed by conservative Loan-to-Value (LTV) limits and liquid collateral underwriting.
What Could Go Wrong? Key Challenges & Business Risks
Despite its market position, 360 ONE operates in an environment influenced by macroeconomic variables, market movements, and regulatory changes:
- Asset Value & Market Beta Sensitivity: A significant portion of consolidated fee income and fair-value mark-to-market earnings depends on total AUM. Sharp downturns in Indian equity valuations could reduce portfolio asset bases and moderate transactional brokerage revenues.
- Regulatory & Fee Compression Exposure: Wealth management is subject to ongoing regulatory reforms by SEBI and the RBI, including caps on distribution commissions, fee disclosure mandates, and stricter asset classification for private credit. Any further reduction in permissible distribution commissions could pressure gross margins.
- Talent Attrition & Advisory Poaching: Wealth advisory is fundamentally driven by trusted personal relationships. High competitive intensity from domestic private banks, multinational wealth managers, and well-funded boutique advisories could drive personnel costs higher or lead to client asset departures if key relationship managers leave.
- Geopolitical & Macro Headwinds: Energy supply disruptions through the Strait of Hormuz and elevated crude prices (testing $100 per barrel) present risks to domestic inflation, currency stability (rupee depreciating to 95–96 against the US Dollar), and monetary policy trajectories, potentially slowing retail domestic equity inflows.
- Pending Tax Proceedings: The Income Tax Department conducted a search under Section 132 in Q4 FY25 and issued an assessment order levying tax and surcharge aggregating to ₹336.14 Crores against the company and one of its subsidiaries. While disputed as a contingent liability without balance sheet provisions, unfavorable legal resolutions could result in cash outflows.
The Next Chapter: Growth & CapEx Initiatives
The strategic roadmap for 360 ONE is organized around five growth initiatives aimed at expanding market share over the next three to five years:
- Expanding “The Reserve” HNI Franchise: Scaling coverage of clients in the ₹10–50 Crore wealth tier across Tier II and Tier III growth hubs, expanding the dedicated wealth management team beyond its current 65+ relationship managers to build a feeder pipeline into the core UHNI franchise.
- Specialized Investment Fund (SIF) Expansion: Expanding the long-short public equity platform under SEBI’s newly codified SIF structure (DynaSIF strategies), bridging the regulatory gap between PMS portfolios and mutual funds to capture institutional and family-office capital.
- Full-Service Investment Banking Build-Out: Expanding 360 ONE Capital’s investment banking practice across equity capital markets (IPOs, QIPs), block placements, and private M&A advisory to monetize corporate advisory relationships with founders.
- Turnaround & Monetization of ET Money: Shifting the mass-affluent digital platform towards a subscription advisory model, curated mutual fund portfolios, and loans-against-securities to achieve operating breakeven.
- Offshore Inbound & Outbound Capital Corridors: Activating the UBS AG collaboration to establish structured feeder vehicles in Singapore, Dubai, and GIFT City, allowing global institutions to allocate capital into Indian private markets and infrastructure funds.
The Verdict: Strategic Outlook & Conclusion
360 ONE WAM LIMITED enters FY27 with a diversified operating model, marked by record annual profitability of ₹1,225 Crores, client assets of ₹6,74,492 Crores, and an Annual Recurring Revenue mix accounting for 75% of net operating revenues. The company’s expansion from standalone wealth distribution into alternate asset manufacturing, proprietary lending, institutional equity research, and global wealth corridors provides multiple levers for long-term compounding.
Supported by structural drivers — including the financialisation of household savings, intergenerational wealth transfers, and deepening private capital markets in India — 360 ONE is well-positioned to benefit from the country’s wealth expansion. With strong institutional backing, experienced board governance, and a conservative balance-sheet structure, the enterprise combines the execution speed of an entrepreneurial firm with the governance discipline of an established financial institution.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.360.one